What's the Cost of Car Insurance in Memphis?


Tennessee premiums are $112 less than the national average, which is why the state is recognized for its inexpensive rates. However, premiums run higher in the city, so if you are insuring a vehicle in Memphis, saving money is important. Keep some money in your pocket by following our tips and saving on auto insurance in Memphis.


INSURANCE PRICES: MEMPHIS VS. STATE/NATIONAL MEAN
City AverageState AverageNational Average
$1,659$1,315$1,427


Memphis Car Insurance by Age Bracket

The biggest reduction in premiums for Memphis drivers happens when they reach their 20s. Once out of the teenage age range, people reduce their premiums by 68%. In Memphis, turning 60 means an increase in insurance rates. Up until then, transitioning from one age group to the next means decreasing prices. At $1,431, drivers in their 50s have the lowest car insurance payments among any age group. People in their 60s ($1,458) have premiums that aren't much higher. Teenage drivers are the ones who pay the most in car insurance premiums, with average rates of $7,267.


MEMPHIS AUTO INSURANCE RATES BY AGE
AgeAverage Rate
Teenagers$7,267
20s$2,308
30s$1,628
40s$1,506
50s$1,431
60s$1,458
70s$1,783


Memphis Car Insurance for Drivers With At-Fault Accidents or Violations


A history of accidents and violations can cost you in terms of car insurance premiums. A DUI will increase your car insurance premiums more than other driving violations. Drivers with a DUI in Memphis need to spend 48% more than the city average to insure their vehicle. Reckless driving will bump your premiums up as well, with average rates of $2,377. That is 43% higher than the city average. For those in Memphis with at-fault accidents, car insurance is an average of $623 more per year.


AVERAGE MEMPHIS INSURANCE RATES AFTER A VIOLATION OR ACCIDENT
Incident/ViolationAverage Annual Premium
DUI/DWI$2,457
Reckless Driving$2,377
At-fault Accident (damages less than $1,000)$2,282
At-fault Accident (damages greater than $2,000)$2,282
Speeding Ticket (16-20 mph over speed limit)$1,974


Memphis Auto Insurance by Credit Score


Improving your credit can save you a good bundle of money. Those in the bottom credit tier (300-579) pay an average of 2.4x more on premiums than those in the top credit tier (800-850). The largest benefit of better credit comes from upgrading from Very Poor (300-579) to Fair (580-669), by which drivers can save nearly $455 per year.


MEMPHIS AUTO INSURANCE COSTS BY CREDIT LEVEL
Credit LevelAverage Rate
Very Poor$3,446
Fair$2,758
Good$2,210
Very Good$1,755
Exceptional$1,419


Memphis Car Insurance by Gender and Marital Status


There are a variety of factors, including gender and marital status, that affect car insurance premiums in Memphis. Premiums for men and women tend to deviate by a mere 1%, with men paying more. Rates for those who are widowed are slightly cheaper than rates for those who are single. Being married can save you roughly $100 per year compared to being single or divorced.


MEMPHIS AUTO INSURANCE PREMIUMS BY GENDER AND MARITAL STATUS
Marital Status/GenderAverage Rate
Female$1,642
Male$1,659
Single$1,659
Married$1,562
Divorced$1,659
Widowed$1,637


What drives up car insurance rates in Memphis?

Where you live in Memphis affects your car insurance rates. Besides your driving history and credit score, where you live is one of the biggest contributing factors to the car insurance rates you'll pay. The reason? Crime, theft and uninsured motorists vary by zip code. So if you find yourself in a neighborhood that doesn’t play well with others, car insurance companies may consider you a high risk to insure, meaning: your rates could be higher than those of a pal who lives just around the block. And, unfortunately Memphis is no exception to the rule. From zip code 38018 to 38116, premiums rise by 19 percent—that’s $263.

Expensive Memphis Zip Codes: 38105, 38107, 38106, 38126, 38116

Cheap Memphis Zip Codes: 38018, 38137, 38138, 38135, 38133

Memphis Driving Conditions

Inclement weather goes hand in hand with wet brakes, slick roads & decreased visibility.

And that's not the worst of it. Each year there are more than 700,000 weather-related car accidents. In Memphis, you can expect 108 rainy days with an annual rainfall of 53.7 inches. Memphis is also known to experience thunderstorms and tornadoes. You can check on the condition of the roads anytime here.

108

Rainy Days a Year

54"

Avg. Annual Rainfall

4"

Avg. Annual Snowfall

Be Prepared For

Driving in Memphis

Major Highways
I-40 I-55 I-240
Toll Roads
U.S. 36 Express Lane
Popular Day Trips
Meeman-Shelby Forest Holly Springs Ghost River

Find Local Memphis Agents

The Carter Agency

12 N MCLEAN BLVD MEMPHIS, TN 38104

Smith-Berclair Insurance

855 Ridge Lake Blvd Memphis, TN 38120

Lipscomb & Pitts Insurance

2670 Union Avenue Ext , Suite 200 Memphis, TN 38112

Boyle Insurance Agency, Inc.

5900 Poplar Ave. Memphis, TN 38119

Boshwit Brothers Mortgage Corp.

2595 Broad Avenue Memphis, TN 38112

Farris Evans Ins.Agency

1568 Union Avenue Memphis, TN 38104

Fred L. Davis Insurance Agency

1374 Airways Blvd Memphis, TN 38114

See All

Not sure about Memphis

Check out these other Tennessee cities...

Nashville

$1,498

The average Memphian's annual cost of coverage

40%

Our customer's average savings after comparing insurance

240

That's equal to 240 cups of coffee or $599 in savings

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Memphis Car Insurance

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